Property Valuation
In real estate, 'price' and 'value' are:
AAlways the same
BNot always the same — price is what was actually paid, value is an estimate of worth✓ Correct
CBoth determined by the appraiser
DSet by the government
Explanation
Price is the actual amount paid in a specific transaction. Value is an appraiser's estimate of what a property should sell for under defined conditions.
Related Georgia Property Valuation Questions
- An appraisal done for a refinance is often based on the assumption that:
- Assemblage in real estate refers to the process of:
- When appraising a property, which approach to value considers the land value separately from the improvements?
- A 'before and after' method is used in appraisal when:
- A Georgia appraiser is valuing a neighborhood convenience store. Which approach to value is most likely to be primary?
- A property that would sell for more in pieces than as a whole exhibits:
- An appraiser's 'scope of work' decision determines:
- The 'land-to-value ratio' in real estate investment analysis is used to:
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